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Brian Shannon, founder and full-time trader at AlphaTrends, observes that CBRS has encountered supply at its IPO VWAP for two consecutive days.
He suggests this repeated behavior could be coincidental.
Shannon has previously identified a supply zone for SPCX between 175 and 179.50, citing this level as a potential resistance area for the ETF's price movement in a recent analysis. He also commented on SMH, noting that the ETF would need to undercut its June 9 low and approach the year-to-date VWAP to enable a stronger bounce, according to another post. These observations suggest Shannon continues to monitor key technical levels across different securities.